WBrief: Singapore to tackle tax evasion more keenly

Singapore has declared its commitment to combating money laundering and tax evasion, in line with revamped global guidelines issued by the Financial Action Task Force

Singapore has declared its commitment to combating money laundering and tax evasion, in line with revamped global guidelines issued by the Financial Action Task Force.

Last week Singapore said it would implement new laws recommended by Paris-based FATF designed to drive more effective international co-operation between countries.

Under existing rules, if a foreign individual evades tax in his home country and stashes the funds in a Singaporean bank, the bank is not obliged to report it. Under the new rules, Singapore’s lenders will be obliged to notify the authorities if they suspect tax evasion.

“As an international financial centre, Singapore is highly vigilant against illicit funds that could threaten its integrity. Singapore’s regime seeks to deter and prevent criminal abuse, and it is our policy to actively cooperate with foreign jurisdictions to combat money laundering and terrorist financing,” said Singapore’s Ministry of Finance in a statement.

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